Brainbees Solutions Limited — Investor Presentation 2025

Feb 8, 2025

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FC/SE/2024-25/74 February 08, 2025

National Stock Exchange of India Limited Exchange Plaza, C – 1, Block G, Bandra-Kurla Complex, Bandra (E), Mumbai-400051 Symbol: FIRSTCRY

BSE Limited

Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai-400001 Scrip Code: 544226

Sub : Investor Presentation of Brainbees Solutions Limited (the ‘Company’)

Ref : Information under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”) and our earlier intimation through our letter dated February 05, 2025 bearing reference no. FC/SE/2024-25/71

Dear Sir/Ma’am,

In accordance with Regulation 30 read with Schedule III of the Listing Regulations, please find enclosed a copy of ‘Investor Presentation’ in connection with the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and nine months ended on December 31, 2024.

The aforesaid information is being uploaded on the Company’s website (www.firstcry.com).

We request you to kindly take the aforesaid information on record.

Thanking you,

For Brainbees Solutions Limited

NEELAM Digitally signed by NEELAM SITALDAS SITALDAS JETHANI JETHANI Date: 2025.02.08 17:46:34 +05'30'

Neelam Jethani Company Secretary & Compliance Officer ICSI Membership No.: A35831

Encl.: a/a

Brainbees Solutions Limited CIN: L51100PN2010PLC136340 Corporate/Registered Office :- Rajashree Business Park, Plot No. 114, Survey No. 338, Tadiwala Road, Nr. Sohrab Hall, Pune – 411001 Contact: +91-8482989157 Email Id :legal@firstcry.com Website : www.firstcry.com

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Q3 and 9M FY25 Earnings Presentation

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FEBRUARY 08, 2025
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Disclaimer

By attending the presentation or by reading the presentation slides you agree to be bound as follows: This Presentation is prepared by Brainbees Solutions Limited (“Company”) and is for information purposes only without regards to specific objectives, financial situations or needs of any particular person and is not and nothing in it shall be construed as an invitation, offer, solicitation, recommendation or advertisement in respect of the purchase or sale of any securities of the Company or any affiliates in any jurisdiction or as an inducement to enter into investment activity and no part of it shall form the basis of or be relied upon in connection with any contract or commitment or investment decision whatsoever. This Presentation does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. This Presentation and its contents are confidential and proprietary to the Company and/or its affiliates and no part of it or its subject matter be used, reproduced, copied, distributed, shared, or disseminated, directly or indirectly, to any other person or published in whole or in part for any purpose, in any manner whatsoever. The information contained in this Presentation is a general background information of the Company. We don’t assume responsibility to publicly amend, modify or revise any information contained in this Presentation on the basis of any subsequent development, information or events, or otherwise. This Presentation should not be considered as a recommendation to any investor to subscribe to any security. This Presentation includes certain statements that are, or may be deemed to be, “forward-looking statements” and relate to the Company and its financial position, business strategy, events and courses of action. Forward-looking statements and financial projections are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and financial projections. Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our expenses, sales and operations; our future customer concentration; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy, future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts in the Presentation, if any, are correct or that any objectives specified herein will be achieved. We, or any of our affiliates, shareholders, directors, employees, or advisors, as such, make no representations or warranties, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein and accept no liability whatsoever for any loss, howsoever, arising from any use or reliance on this Presentation or its contents or otherwise arising in connection therewith. The information contained herein is subject to change without any obligation to notify any person of such revisions or change and past performance is not indicative of future results. It is clarified that this Presentation is not intended to be a document or advertisement offering for subscription or sale of any securities or inviting offers or invitations to offer or solicitation to offer from the public (including any section thereof) or any class of investors. This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. No rights or obligations of any nature are created or shall be deemed to be created by the contents of this Presentation.

A baby’s first cry is a special moment for parents

At FirstCry, we aim to make this and all such moments of the parenting journey filled with joy and happiness

Table of Contents

1. Q3 and 9M’FY25 Snapshot

2. Segmental Performance

3. Financial Summary

4. Business Overview

5. Supplementary Information

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Q3 and 9M’FY25 Snapshot

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• 3

Q3’FY25: Key Highlights Best quarter in the terms of profitability in the last 4 years

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INR 69 MM INR 941 MM 11.2% 6.4%
Consolidated Consolidated India Multi-Channel Consolidated
Profit Before Tax Cash Profit After Tax [(1)] Adjusted EBITDA [(2)] Adjusted EBITDA [(2)]
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Management Remarks

“ Q3’FY25 has been our best quarter in the terms of profitability in the last 4 years . We have achieved the highest Adjusted EBITDA for our Consolidated Business as well as India Multi-channel business in the last 4 years. For 9M’FY25, the adjusted EBITDA for consolidated business has increased by 54% . We remain very optimistic and will keep working hard to deliver on both growth and profitability expansion front on YoY basis ”

Notes:

1. Adjusted for non-cash expenses and exceptional items. Refer page 30 for details 2. Adjusted for share-based expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

9M’FY25 Snapshot Continued growth momentum with improvement in profitability

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10.3 MM INR 79,699 MM INR 57,293 MM
Annual Unique Transacting GMV [(1,2)] Revenue from Operations [(3)]
Customers [(1)]
+ 17% vs Dec 2023 + 17% vs 9M’FY24 + 19% vs 9M’FY24
INR 3,747 MM
INR 2,930 MM INR 1,397 MM
Consolidated Adjusted India Multi-Channel Adjusted Cash Profit After Tax [(5)]
EBITDA [(4)]
EBITDA [(4)]
+ 54% vs 9M’FY24 + 26% vs 9M’FY24 + 47% vs 9M’FY24
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Notes:

1. Numbers represent consolidated metrics of India multi-channel and International business

2. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application, BabyHug, FirstCry and other home brand modern stores, including those operated by Digital Age and franchisees, net of order cancellations and prior to product returns;

3. Numbers represent consolidated metrics of India multi-channel and International retail, Globalbees, others and inter-company adjustments

4. Adjusted for share-based expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

5. Adjusted for non-cash expenses and exceptional items. Refer page 30 for details

Q3’FY25 Snapshot Growth moderated primarily due to advancement of seasonal spends in India

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10.3 MM INR 31,241 MM INR 21,723 MM
Annual Unique Transacting GMV [(1,2)] Revenue from Operations [(3)]
Customers [(1)]
+ 17% vs Dec 2023 + 13% vs Q3’FY24 + 14% vs Q3’FY24
INR 1,385 MM INR 1,689 MM INR 941 MM
Consolidated Adjusted India Multi-Channel Adjusted Cash Profit After Tax [(5)]
EBITDA [(4)]
EBITDA [(4)]
+ 30% vs Q3’FY24 + 20% vs Q3’FY24 + 25% vs Q3’FY24
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Notes:

1. Numbers represent consolidated metrics of India multi-channel and International business

2. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application, BabyHug, FirstCry and other home brand modern stores, including those operated by Digital Age and franchisees, net of order cancellations and prior to product returns;

3. Numbers represent consolidated metrics of India multi-channel and International retail, Globalbees, others and inter-company adjustments

4. Adjusted for share-based expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

5. Adjusted for non-cash expenses and exceptional items. Refer page 30 for details

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Segmental Performance

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• 3

India Multi-Channel Business Accelerating growth in user base driving GMV growth at scale

Orders[(1)] (MM)

Key Updates

• Growth in Q3’FY25 was moderated primarily due to the advancement of festivals (Dussehra & Durga Puja in early Oct in 2024).

• Delayed winter resulted in moderation of winter wear sales

• Q3’FY25 witnessed the closure of few COCO stores. We closed COCO stores for the first time since expansion

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17% 29.6
25.4
13%
11.1
9.8
Q3FY24 Q3FY25 9MFY24 9MFY25
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Annual Unique Transacting Customers[(1,2)] (MM)

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17% 9.8
8.4
Q3FY24 Q3FY25
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Notes:

GMV[(3)] (INR MM)

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17% 66,152
56,508
14%
25,668
22,511
Q3FY24 Q3FY25 9MFY24 9MFY25
% YoY Growth
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1. Numbers represents FirstCry’s India Platform across FirstCry website (www. firstcry.com), mobile application, BabyHug, FirstCry and other home brand modern stores, including those operated by Digital Age & franchisees.

2. Annual unique transacting customers reporting for three months ended December 31, 2024 represents the unique transacting customers for trailing twelve months i.e. from January 1,2024 to December 31, 2024 and for three months ended December 31, 2023 represents the unique transacting customers for trailing twelve months i.e., from January 1, 2023 to December 31, 2023

3. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website (www.firstcry.com), mobile application, BabyHug, FirstCry and other home brand modern stores, including those operated by Digital Age and franchisees, net of order cancellations gross of franchisee commission, net of shipping and cash on delivery charges and prior to product returns

India Multi-Channel Business Strong revenue growth with 26% YoY improvement in profitability in 9MFY25

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Revenue [(1)] (INR MM)
17% 39,411
33,805
15% 15,106
13,129
Q3FY24 Q3FY25 9MFY24 9MFY25
% YoY Growth
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Adjusted EBITDA[(2)] (INR MM)

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10.7% 11.2% 8.8% 9.5%
26% 3,747
2,976
20% 1,689
1,408
Q3FY24 Q3FY25 9MFY24 9MFY25
% Adjusted EBITDA %
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Notes:

1. Numbers represent consolidated metrics of India Multi-channel business 2. Adjusted for share-based compensation expenses

India Multi-Channel Business Witnessing continuous expansion in Adjusted EBITDA margins

Adjusted EBITDA[(1,2)] (%)

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70 bps 9.5%
259 bps 8.8% 8.8%
6.2%
(3)
FY23 FY24 9MFY24 9MFY25
Bps YoY improvement
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Notes:

1. Numbers represent consolidated metrics of India Multi-channel business 2. Adjusted for share-based compensation expenses

2. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

International Business

Q3FY25 growth impacted by elevated promotional activities by New Horizontal players

Orders[(1)] (MM)

Key Updates

• Q3FY25 witnessed elevated promotional activities by two horizontal ecommerce players who are new entrants in the region

• We consciously stayed away from following this trend and continue to focus on achieving sustainable growth by improving margins

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8%
1.5
1.4
9%
0.5
0.5
Q3FY24 Q3FY25 9MFY24 9MFY25
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Annual Unique Transacting Customers[(1,2)] (MM)

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17% 0.5
0.4
Q3FY24 Q3FY25
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Notes:

GMV[(3)] (INR MM)

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15% 13,546
11,744
11%
5,572
5,036
Q3FY24 Q3FY25 9MFY24 9MFY25
% YoY Growth
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1. Numbers represent consolidated metrics of International business comprising UAE and KSA

2. Annual unique transacting customers reporting for three months ended December 31, 2024 represents the unique transacting customers for trailing twelve months i.e. from January 1,2024 to December 31, 2024 and for three months ended December 31, 2023 represents the unique transacting customers for trailing twelve months i.e., from January 1, 2023 to December 31, 2023

3. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry websites (www.Firstcry.ae and www.Firstcry.sa) and mobile application and prior to product returns

International Business Achieving sustainable topline growth by improving margins

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Revenue [(1)] (INR MM) Adjusted EBITDA [(2)] (INR MM)
(16%) (15%) (20%) (17%)
15% 6,532
(1,140)
5,691 (1,094)
13% 2,614 (395)
(370)
2,308
Q3FY24 Q3FY25 9MFY24 9MFY25 Q3FY24 Q3FY25 9MFY24 9MFY25
% YoY Growth % Adjusted EBITDA %
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Notes:

1. Numbers represent consolidated metrics of International business comprising UAE and KSA 2. Adjusted for share-based compensation expenses

Globalbees

Growth moderated primarily due to advancement of annual sales by 3P platforms (to Q2FY25)

Adjusted EBITDA[[(1)]] (INR MM)

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Revenue (INR MM) Adjusted EBITDA [[(1)]] (INR MM)
0.6% 1.4% 0.4% 1.6%
29% 11,793
5.9x 191
9,107
13% 4,223
2.6x 60
3,744
32
23
Q3FY24 Q3FY25 9MFY24 9MFY25 Q3FY24 Q3FY25 9MFY24 9MFY25
% YoY growth % Adjusted EBITDA % x YoY increase
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Note:

1. Adjusted for share-based compensation expenses and for salaries & wages accounted as per Para B55 of Ind-AS 103

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Financial Summary

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• 6

Combination of Scale, Growth and continuously improving Profitability

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Consolidated Revenue [(1)] (INR MM) Consolidated Adjusted EBITDA [(2)] (INR MM)
34.5% 37.0% 35.4% 37.3% 5.6% 6.4% 4.0% 5.1%
19% 57,293 54% 2,930
48,140
1,907
30% 1,385
14% 21,723
1,064
19,002
Q3FY24 Q3FY25 9MFY24 9MFY25 Q3FY24 Q3FY25 9MFY24 9MFY25
% Gross Margin % % YoY Growth % Adjusted EBITDA % % YoY Growth
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Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, Globalbees, Others and inter-company adjustments

2. Adjusted for share-based compensation expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

Consolidated business witnessing continuous expansion in profitability

Adjusted EBITDA[(1,2)] (%)

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115 bps 5.1%
277 bps 4.2%
4.0%
1.5%
(3)
FY23 FY24 9MFY24 9MFY25
Bps YoY Improvement
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Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, Globalbees, Others and inter-company adjustments

2. Adjusted for share-based compensation expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103 3. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

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Business Overview

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• 3

FirstCry Platform: Highly scalable core capabilities driving sustainable growth across all segments

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Full-Stack Full-Stack
Monetization Capabilities Parenting Needs Capabilities Monetization
Platform Platform
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We are the pioneers of multi-channel retailing for Mothers’, Babies’ and Kids’ products in India

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78% 22%
GMV [(1)] from online GMV [(1)] from offline
India multi-channel retail [(2)] India multi-channel retail [(2)]
9.8 MM 1,136
Annual Unique Modern Stores [(4) ]
Transacting Customer [(3)] incl. FOFO & COCO
Community 508
Emotional companion & social FirstCry & BabyHug
network of parents; in-built COCO stores [(4)]
within commerce app
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The multi-channel approach benefits customers who follow a “research online – purchase offline” shopping behavior

Notes:

1. Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website (www.Firstcry.com), mobile application, BabyHug, FirstCry and other home brand modern stores, including those operated by Digital Age and franchisees, net of order cancellations and prior to product returns for quarter ended December 31, 2024 2. Excludes Education and Globalbees segment

2. Annual unique transacting customers represents the unique transacting customers for trailing twelve months i.e. from January 1,2024 to December 31, 2024 4. As on December 31, 2024

Addressing Babies’ and Kids’ needs across age groups through a wide assortment of products

1.8 MM SKUs[(1)] offered from 8,023 brands[(1)] across our platforms

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Illustrative list of categories
offered for different age groups Trending fashion
Feeding Book & school
Toddler fashion Apparel supplies
Baby apparel
essentials Feeding Apparel Games
Diapers Cots & nursery Footwear Footwear
Maternity wear
Baby safety gear Toys Bath
Maternity care
Strollers & cradles
Baby health
Parenting books
Expecting mothers 0 - 6M 6M - 24M 2 - 4 Years 4 - 6 Years 6 - 12 Years
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Expecting mothers
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Note: 1. As on December 31, 2024

Created a robust portfolio of home brands across product categories

Our Key Home Brands

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Largest Mothers’, Babies’, and Kids’ products brand in the Asia Pacific region (exc. China) in terms of product assortment[(1)]

India’s largest multi-category Mothers’, Babies’, and Kids’ products brand in terms of GMV[(1)]

Available on online platform, modern stores including 291 BabyHug COCO stores[(2) ] and general trade retail touchpoints

Source: RedSeer report titled “Childcare Market in India” dated July 11, 2024 Notes: 1. For FY24 2. As of December 31, 2024

Replicating our successful playbook in International markets

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India International Markets
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Birth rate (per 000s for CY22)

Spend per child on Childcare products in FY24 (INR) Childcare products market size in FY29 (INR BN)

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KSA UAE
16.3 17.0 9.9
9,280 – 9,350 61,000 – 71,000 160,000 – 170,000
5,150 – 5,450 640 – 680 240 – 280
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FirstCry’s International segment AOV is 4.1 times[(1)] AOV of India business

Source: RedSeer report titled “Childcare Market in India” dated July 11, 2024 Note: 1. For nine months ending December 31, 2024

Globalbees: Scaling D2C brands profitably

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Brainbees Solutions Ltd. owns 50.73% stake [(1)] in Globalbees
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Select brands across categories

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Home Utilities Appliances
Fashion / lifestyle Home & Personal Care
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Note:

1. As on February 8, 2025; on fully diluted basis

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Supplementary Information

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Summary Consolidated Profit & Loss Statement

INR Million(1) FY23(3) FY24 Revenue from Operations 52,622 64,809 Material Costs 35,297 41,632 Gross Profit 17,325 23,177 Gross Profit Margin % 32.9% 35.8% Direct Costs 4,911 5,879 Contribution Margin % 23.6% 26.7% Advertising and sales promotion expenses (% of Revenue) 7.9% 7.4% Indirect Expense (% of Revenue) 7.0% 7.6% Adjusted EBITDA(2) 772 2,744 Adjusted EBITDA Margin % 1.5% 4.2% Profit/(Loss) before Tax (5,303) (3,215) Profit/(Loss) after Tax (4,864) (3,215)	9M FY24 9M FY25 48,140 57,293 31,082 35,922 17,058 21,371 35.4% 37.3% 4,412 5,223 26.3% 28.2% 7.6% 8.6% 7.4% 7.2% 1,907 2,930 4.0% 5.1% (2,697) (1,144)	Q3 FY24 Q3 FY25
		19,002 21,723
		12,441 13,692
		6,561 8,031
		34.5% 37.0%
		1,630 1,955
		25.9% 28.0%
		6.9% 8.4%
		6.9% 6.5%
		1,064 1,385
		5.6% 6.4%
		(426) 69
	(2,782) (1,533)	(484) (147)

Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, Globalbees, Others and inter-company adjustment;

2. Adjusted for share-based compensation expenses. Additionally, Globalbees EBITDA is also adjusted for salaries and wages accounted as per Para B55 of Ind-AS 103

3. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

Summary Segment Disclosures

ummary Segment Disclosures
INR MM FY23(3) FY24	9M FY24 9M FY25	Q3 FY24 Q3 FY25
India Multi-Channel
Revenue from Operations 39,105 45,795 Adjusted EBITDA(1) 2,435 4,040 Adjusted EBITDA margin(%) 6.2% 8.8% Segment Results 742 1,666 Segment margin(%) (2) 1.9% 3.6%	33,805 39,411 2,976 3,747 8.8% 9.5% 1,290 1,799 3.8% 4.6%	13,129 15,106
		1,408 1,689
		10.7% 11.2%
		786 1,008
		6.0% 6.7%
International
Revenue from Operations 4,875 7,537 Adjusted EBITDA(1) (1,201) (1,396) Adjusted EBITDA margin(%) (25%) (19%) Segment Results (1,329) (1,554) Segment margin(%) (2) (27%) (21%)	5,691 6,532 (1,140) (1,094) (20%) (17%) (1,254) (1,228) (22%) (19%)	2,308 2,614
		(370) (395)
		(16%) (15%)
		(413) (443)
		(18%) (17%)
Globalbees
Revenue from Operations 8,972 12,093 Adjusted EBITDA(1) (447) 23 Adjusted EBITDA margin(%) (5%) 0% Segment Results (1,407) (964) Segment margin(%) (2) (16%) (8%)	9,107 11,793 32 191 0.4% 1.6% (707) (556) (8%) (5%)	3,744 4,223
		23 60
		0.6% 1.4%
		(222) (201)
		(6%) (5%)
Others
Revenue from Operations 230 334 Adjusted EBITDA(1) (31) 58 Adjusted EBITDA margin(%) (13%) 18% Segment Results (42) 47 Segment margin (%) (2) (18%) 14%	235 316 43 73 18% 23% 35 66 15% 21%	79 105
		19 24
		24% 23%
		17 21
		21% 20%

Notes:

1. Adjusted EBITDA is calculated as the profit for the period or year plus tax expense, finance cost, depreciation and amortization expenses less other income, exceptional items income(net), plus employee share-based payment expenses, deal related cost, salaries, wages, bonus and other allowances accounted as per para B55 of Ind AS 103

2. Segment Margin is calculated by dividing segment results with segment revenue from operations

3. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

Adjusted EBITDA to Profit / Loss after Tax Reconciliation

INR MM(1) FY23(4) FY24 Loss after Tax (4,864) (3,215) Add : Tax Expenses (440) 0 Add : Finance Costs 721 1,154 Add : Depreciation and Amortisation Expense 2,963 3,709 Less : Other Income (988) (942) Add : Employee share based payment expense 3,614 1,781 Add : Exceptional items(2) (net) (544) - Add : Deal related cost 45 - Add : Employment cost on account of business combination(3) 263 259 Adjusted EBITDA 772 2,744	9M FY24 9M FY25	Q3 FY24 Q3 FY25
	(2,782) (1,533)	(484) (147)
	85 388	58 216
	1,149 1,207	407 422
	2,682 2,970	959 1,036
	(760) (1,020)	(353) (443)
	1,338 719	413 283
	- 128	- (5)
	- -	- -
	195 70	65 23
	1,907 2,930	1,064 1,385

Notes:

1. Numbers represent consolidated metrics of India multi-channel, International, Globalbees and Others

2. Exceptional items in 9MFY25 and Q3FY25 include inventory loss on account of fire in warehouses of the group; in FY23 includes the amount related to gain on fair value of consideration payable to selling shareholder due to business combination.

3. Adjusted for Globalbees salaries and wages accounted as per Para B55 of Ind-AS 103

4. Based on Unaudited Pro Forma Consolidated Financial Information as presented in the Prospectus dated 8th August 2024

Reconciliation of Profit / Loss after Tax to Cash Profit after Tax

INR Million FY24 Loss after Tax (3,215) Deferred Tax expense 438 Loss before Deferred Tax Expense (3,653) Ind AS 116 Cost (Rent amortisation and finance cost)(2) 2,201 Brand Amortisation(3) 1,087 ESOP Cost(3) 1,781 Depreciation on PPE(3) 1,169 Exceptional Item(4) - Employment cost on account of business combination(5) 259 Interest on contractual Obligation(6) - Cash outflow for lease rentals(7) (1,776) Cash Profit after Tax(1) 1,068	9M FY24 9M FY25 (2,782) (1,533) 234 (51) (3,016) (1,482) 1,712 1,856 813 792 1,338 719 815 882 - 128 195 70 355 - (1,262) (1,568) 949 1,397	Q3 FY24 Q3 FY25 (484) (147) 119 (104) (603) (43) 600 666 280 272 413 283 295 307 - (5) 65 23 132 - (426) (562) 756 941

Notes:

1. Cash Profits After Tax is calculated as profit for the period or year plus deferred tax expense, rent amortization and finance cost as per IND AS 116, brand amortization, ESOP Costs, Depreciation on PPE, exceptional items, Employment cost on account of business combination, interest on contractual obligations and less cash outflow for lease rentals

2. The Indian Accounting Standard 116, “Leases”, notified under Section 133 of the Companies Act 2013 read with Companies (Indian Accounting Standards) Rules, 2015 defines difference between amortizing rent recognized in books and actual cash rent paid

3. Brand Amortization, ESOP Costs and Depreciation on PPE are Non-cash expenses and hence reduced to arrive at Cash Profit after Tax

4. Exceptional items include inventory loss on account of fire in warehouses of the group

5. Adjusted for Globalbees salaries and wages accounted as per Para B55 of Ind-AS 103

6. Interest on contractual obligation pertains to interest expenses recognized on the liability related to amount payable to selling shareholders for the remaining stake in subsidiaries

7. Annual advance rent paid for warehouse in KSA has been proportionately adjusted in the cash outflow for lease rentals for the respective period

Other Operating Metrics (1/2)

Other Operating Metrics (1/2)
Particulars(#s as of end of the period) FY23 FY24 Number of brands(1) 7,035 7,580 Number of SKUs (MM)(2) 1.29 1.65 Number of warehouses and stockists(3) 79 80 Modern Stores 904 1,063 FOFO Stores 618 628 BabyHug COCO Stores 224 284 FirstCry and other Home Brand COCO Stores 62 151 Net Working Capital Days (4) 50 53 Inventory Days(5) 83 92	Q3 FY24 Q3 FY25
	7,516 8,023
	1.58 1.81
	82 83
	1,018 1,136
	632 628
	265 291
	121 217
	38 54
	72 86

Notes:

1. Number of active brands as on the date of respective period end listed across the FirstCry website, mobile application, BabyHug, FirstCry and other home brand modern stores, including those operated by Digital Age

2. Number of SKUs as on the date of respective period end across the FirstCry website, mobile application, BabyHug, FirstCry and other home brand modern stores, including those operated by Digital Age 3. Number of warehouses and stockists where our inventory is stored

3. Working Capital Days = (Inventories + Trade Receivables – Trade Payables) divided by revenue from operations*365, shown on annualised basis for quarterly figures

4. Inventory days is closing inventory as at the end of the respective period /Revenue from operations for the respective period X 365 on an annualised basis for quarterly figures

Other Operating Metrics (2/2)

Particulars FY23 FY24 GMV(1,3) from Online (INR MM) 58,126 73,700 GMV(1) from Offline (INR MM) 14,450 17,511 GMV(1,3) from Existing Customers (INR MM) 52,963 65,878 GMV(1,3) from New Customers (INR MM) 19,613 25,333 Average Order Value(2) – Consolidated (INR) 2,342 2,544 Average Order Value(2) – India Multi-Channel (INR) 2,156 2,226 Average Order Value(2) – International (INR) 6,350 8,582	Q3 FY24 Q3 FY25
	22,586 25,717
	4,961 5,523
	22,492 25,902
	5,055 5,338
	2,668 2,675
	2,292 2,306
	10,033 10,157

Notes:

1. GMV refers to the monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile application, BabyHug, FirstCry and other home brand modern stores, including those operated by Digital Age and franchisees, net of order cancellations gross of franchisee commission, net of shipping and cash on delivery charges and prior to product returns 2. Average Order Value refers to GMV generated across the FirstCry website, mobile application, FirstCry and BabyHug modern stores divided by Orders considered for such GMV 3. Numbers represent consolidated metrics for India and International Segments

Summary estimate of share based compensation expense

Expected ESOP Charges

INR MM	Q1	Q2	Q3	Q4	Total
FY 2025	228	208	283	932	1,651
FY 2026	735	735	735	735	2,940
FY 2027	379	379	379	379	1,516

Commentary

• The table illustrates expected ESOP cost for granted options including performance based ESOPs approved by the board and Nomination & Remuneration Committee[(4)]

Fully Diluted Share Capitalisation

Particulars	(in MM)	% of Shares Outstanding On a Fully Diluted Basis (1)
Basic Shares Outstanding as of 31 Dec, 2024	519.2	97.5%
ESOPs of which
Time-based ESOPs (2)	3.4	0.6 %
Performance-based ESOPs (3)	9.9	1.9 %
Estimated Fully Diluted Share Capitalisation	532.5

• For time-based ESOP grants, the total estimated charge would be the number of options granted times the fair value per share computed basis the fair value of the option, as per the valuation report. The charge for time based ESOPs is front-ended with approximately 52% in Year 1, 27% Year 2, 15% in Year 3 and 6% in Year 4

• Movements of share price after the date of the grant do not affect the ESOP charge for already granted ESOPs

Notes:

1. Including all outstanding ESOPs

2. Vesting period ranges from one to four years

3. Vesting of these ESOPs are linked to market capitalization

4. Includes all options granted till February 8, 2025

Glossary

Glossary
Term	Definition
FirstCry Modern Stores	Includes FirstCry-owned multi-brand stores, franchisee stores, and exclusive home brand stores
	Monetary value of Orders inclusive of taxes and gross of discounts, if any, across the FirstCry website, mobile
Gross Merchandise Value (GMV)	application and FirstCry and BabyHug modern stores, including those operated by Digital Age and franchisees, net of order cancellations gross of franchisee commission, net of shipping and cash on delivery charges and prior to product
	returns
	Unique customers identified by their email-id or mobile number who have placed at least one Order on the FirstCry
Annual Unique Transacting Customers (AUTC)	website, mobile application or FirstCry and BabyHug modern stores during the last 12 months ended as on
	measurement date
Orders	All orders placed on the FirstCry website, mobile application and modern stores, net of cancellations and prior to any returns.
Average Order Value (AOV)	GMV generated across the FirstCry website, mobile application and modern stores during a period divided by Orders underlying such GMV
	Adjusted Earnings before interest, tax, depreciation and amortization is calculated as the profit for the period or year
Adjusted EBITDA	plus tax expense, finance cost, depreciation and amortization expenses less other income, exceptional items income (net), plus Employee Share-Based Payment Expenses, Deal related cost, Salaries, wages, bonus and other allowances
	accounted as per para B55 of Ind AS 103
	GMV from users that made their first purchase on the FirstCry platform during any period except the preceding 12
GMV from existing customers	months period when calculated for a full financial year and except the precedent 3 months period when calculated for a quarter. Users are identified by their mobile number basis which duplication across website, mobile application
	and stores is removed
	GMV from users that made at least one purchase on the FirstCry platform for the first time during any period in
GMV from new customers	preceding 12 months period when calculated for a full financial year and during any period in preceding 3 months period when calculated for a quarter. Users are identified by their mobile number basis which duplication across
	website, mobile application and stores is removed